Back Taxes Or Tax Debt

A tax-related blog can hopefully be forgiven this time of year for recurrent reference to a theme that is playing out in a broad-based way and with strong relevance for a large number of American taxpayers. That focus is simple and succinct, namely this: IRS power globally. We most recently noted the ever-expanding global reachcontinue reading…

There once was a time when wealthy Americans with money stockpiled abroad in Swiss banks could sleep easily at night, knowing that their account details would be kept shielded from the prying eyes of United States Internal Revenue Service agents. That time has assuredly passed. The new reality is this: Americans holding overseas savings accountscontinue reading…

Here’s the bottom-line take from the Internal Revenue Service regarding money held abroad in foreign banks by Americans: You can have your cake, but we want our slice. The IRS has never come out with overt objections concerning the offshore accounts in which many thousands of Americans park their money. Given, though, that the singularcontinue reading…

Well, here’s a bit of an irony and slippery slope that is presented immediately for any taxpayer in Minnesota or elsewhere who is seeking to take purposeful action regarding a tax matter. On the one hand, an IRS primer on back taxes and paying past-due amounts states that taxpayers with questions or concerns regarding past-due returns shouldcontinue reading…

Many individuals who owe a substantial amount in back taxes are also facing significant financial difficulties, as financial troubles are one of the more common reasons for a person to initially fall into a tax debt. Facing both a large federal tax debt and financial struggles at the same time can be remarkably stressful oncontinue reading…